Articles by Cho Chung-un
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Cho Chung-un
christory@heraldcorp.com-
Sale process of Asiana Airlines to begin this week
Creditors and Kumho Industrial, the largest stakeholder of Asiana Airlines, will post a public notice to sell the nation’s second-largest air carrier on Thursday, which is likely to be the largest deal of the year.After completing a financial review of the air carrier, creditors said they would speed up the bidding process, if no additional insolvent factors or problems that would complicate the company’s operations are found. Officials at Asiana Airlines confirmed that there’s
Industry July 23, 2019
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BAT Korea names first Korean CEO
British American Tobacco Group has named Kim Eui-soung, a cross-border industry marketing expert, as new chief executive officer and president of its South Korean unit, the company said Monday.Kim replaces Matthieu Juery who led BAT Korea for two years, becoming the first Korean head of the tobacco maker’s local unit launched 29 years ago. The change comes amid intensifying market competition in the fast-changing tobacco market here along with the rise of new types of cigarettes. BAT Korea
Industry July 22, 2019
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Despite labor tension, Hyundai Motor’s Q2 profit jumps
Amid growing tension between the management and unionized workers, Hyundai Motor said Monday it saw its operating profit rise 30 percent in the second quarter chiefly on the weaker Korean won and sales of new sport utility vehicles.The South Korean carmaker said in a regulatory filing that it earned an operating profit of 1.23 trillion won ($1.04 billion), a 30.2 percent on-year increase, crossing the 1-trillion-won mark for the first time in seven quarters. Hyundai sold lesser cars, but both it
Mobility July 22, 2019
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2 SK Innovation subsidiaries acquire 35% stake in Myanmar’s BOC
SK Innovation said Friday that two of its subsidiaries, SK Energy and SK Trading International, have acquired a combined 35 percent stake in Best Oil Co., the second-largest oil retailer in Myanmar. The two companies spent about 150 billion won ($127.7 million) to hold 17.5 percent of BOC’s shares each. BOC has market share of 17 percent in Myanmar’s oil retail market.The deal was aimed at securing stable exports and a trading destination, and making inroads into the foreign ret
Industry July 21, 2019
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[Behind the Wheel] Venue designed for singletons, not exactly for thrills
YONGIN, Gyeonggi Province -- Hyundai Motor’s latest sports utility vehicle Venue targets a specific group of people -- those in their 20s and 30s pursuing a single and minimalist lifestyle. Well, as its name indicates, the vehicle can literally take you anywhere, but the driving experience of Venue, which simply is just a small SUV, is short of enthralling. Let’s admit it. One should not expect too much from an entry-level car with a price range between $13,000 and $18,000. But the l
Mobility July 21, 2019
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Calm, steady approach needed to tackle Japan’s export curbs: SK chief Chey
SEOGWIPO, Jeju Island -- SK Group Chairman said Thursday he will come up with countermeasures against Japan’s strengthened export control of three materials crucial for chip fabrications in a calm manner, stressing that a knee-jerk reaction would not help resolve the matter.“(The best way to resolve the matter) is to seek what we can do the best steadily and everyone (finds a breakthrough) from our respective positions. This case won’t work even with any dramatic plans,”
Industry July 18, 2019
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KCCI head calls for full support businesses seeking alternatives amid Japan’s export curbs
SEOGWIPO, Jeju Island -- Amid the growing tension between South Korea and Japan, the head of the largest organization representing businesses here urged the government and political parties to provide full support to cope with Tokyo’s trade restrictions. Stressing on the need to face challenges in a calm manner and seek countermeasures, Park Yong-maan, chairman of the Korea Chamber of Commerce and Industry, asked the Moon Jae-in administration to aid businesses seeking alternatives.
Industry July 17, 2019
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Doosan, Ceres team up for power system’s commercial use
South Korean energy-to-industrial equipment company Doosan Corp. has agreed with UK-based Ceres Power to develop solid oxide fuel cell power systems for commercial buildings here, the companies said Tuesday.The two signed a collaboration and licensing agreement to jointly develop SOFC power systems targeted at the Korean commercial buildings market, in which the two see business potential alongside the Korean government’s plan of increasing the use of fuel cell electric systems in autos, f
Industry July 16, 2019
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Hanwha Total co-CEO elected as Korea head of CCE
Jean-Marc Otero del Val, co-CEO of Hanwha Total Petrochemical, a 50-50 venture between South Korean conglomerate Hanwha and French petrochemical firm Total, has been elected as a representative of French Foreign Trade Advisors’ Korea division, the company said Tuesday. The advisory group, Les Conseiller du Commerce Exterieur, has more than 2,600 members in 145 countries where French companies have made inroads. The organization’s branch in Korea is operated by executives of French fi
Industry July 16, 2019
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Israeli president calls for bigger partnership with Hyundai Motor
Israeli President Reuven Rivlin said he hopes to see expanding cooperation between the Middle East country’s startups and South Korean carmaker Hyundai Motor in the fields of smart, connected and green mobility, the company said Monday.In his visit to the Hyundai R&D Center in Namyang, Gyeonggi Province, the Israeli leader met the carmaker’s de facto chief, Executive Vice Chairman Chung Euisun, vowing to take the lead in the development of future cars by strengthening partnership
Mobility July 15, 2019
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[News Focus] Throwing sand in wheels of world trade: Foreign experts weigh in on Japan export curbs
Experts from the US, Japan and Southeast Asia voiced concerns over the escalating trade dispute between South Korea and Japan, saying Tokyo’s restrictive measures aimed at Korean chipmakers would not only have “serious consequences” to the already depressed information technology industry, but also impede the flow of world trade and the principle of market liberalization. Japan’s toughened export control measures on three materials crucial for chip fabrication and its pla
Industry July 15, 2019
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Hyundai aims to sell 15,000 Venue annually
Hyundai Motor announced Thursday the launch of its smallest sport utility vehicle Venue, setting an annual sales target of 15,000 units in the future and 8,000 units within the year. The Venue completes the carmaker’s SUV lineup, in which it has invested heavily in recent years, defying market criticism of its reliance on midsized sedans. This latest addition to its SUV lineup takes its place alongside the flagship Palisade, the Santa Fe compact, the Tucson subcompact and the entry-level K
Mobility July 11, 2019
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Chip firms wary of criticizing Japan curbs
An emergency meeting with President Moon Jae-in was arranged on Wednesday with chiefs of the country’s major businesses to seek short- and long-term solutions to the problem of import-dependent manufacturing chains here, but it also appeared to have placed a burden on firms caught in the diplomatic crossfire between South Korea and Japan. Some industry observers raised concerns that it could send the “wrong signal,” instigating Tokyo to take additional restrictive measures.At t
Industry July 10, 2019
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Lotte chief visits Tokyo amid anti-Japanese sentiments in Korea
The chief of South Korean retail giant Lotte Group -- with deep family roots in Japan -- is attempting to douse the flames following a diplomatic row between Tokyo and Seoul early this month that will hamper operations of domestic conglomerates.Lotte Chairman Shin Dong-bin has embarked on a trip to the neighboring country amid the spat over Japan’s decision to restrict shipments of key materials used by Korean chipmakers and display makers, according to the firm. The chairman, along w
Industry July 9, 2019
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SK Innovation’s trading unit to quadruple oil blending capacity
A trading unit of SK Innovation, which owns the country’s largest refiner SK Energy, will quadruple its offshore low-sulfur fuel supply in 2020 to meet the growing demand for diesel fuel with substantially lowered sulfur content under toughening emission control regulations, the company said Monday.SK Trading International plans to increase its oil blending capacity from 23,000 barrels per day to 90,000 barrels next year, aiming to become the No. 1 provider of low-sulfur fuel in Asia. The
Industry July 8, 2019
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